The Court of Appeal has by a unanimous decision restored the license of GN Savings and Loans Company Limited.
That was after a three-member panel of the second-highest court quashed the decision of the High Court, which upheld the revocation of the license on the grounds that the decision to revoke the license was unfair and unreasonable.
By the judgment, both the decision to revoke the license and the High Court decision to uphold same has been quashed.
The court ordered the receiver should also hand over possession, management and control of the assets and other activities to shareholders of the company.
Background
On January 4, 2019, GN Bank Limited was reclassified as a savings and loans company and consequently renamed GN Savings and Loans Company Limited.
Seven months later, on August 16, 2019, the BoG, then under the leadership of Dr Ernest Addison, revoked the operating licence of GN Savings and Loans Company Limited and appointed Eric Nana Nipah as Receiver as part of the banking sector clean-up exercise.
The same month, Groupe Nduom, owners of GN Savings and Loans Company Limited, led by Dr Papa Kwesi Nduom, challenged the revocation of the licence in the High Court in Accra.
On January 24, 2024, Justice Addo upheld the revocation of the licence.
It is this judgment of the High Court which owners of GN Savings and Loans Company Limited, led by Dr Papa Kwesi Nduom, challenged that has been quashed.